Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-06-30
HOW FIELD ESCAPED BEING
SWAMPED.



ROAD stOck-sO, 600 shares In All.
QUEER STORY OF WALL STREET METHODS FIELD WAS
roREkkSD' AND WENT TO THE WALL STREET
- xfNa FOR RELIEF, WHICH WAS PROMPTLY GIVEN.
From the New York World to-day.
cyrus W. Field turned over the remainder OF his
elevated railway stock to Jay Gould yesterday.
The amount was 10000 shares, which, with the
$1,000 shares previously disposed OF by Mt. Field
70 Mr. Gould, shows the formers total holding to
have been 10000 shares. The value OF Mr.. Fields
Dig dock OF stock at 100, which was the market
price before the downward movement began, was
$11, 200 00o. He now has no interest in Manhattan
and will retire from the board OF directors. Nj
Gould will keep the first lot Of 600 shares TO add
to his own holding, making his total interest in
the stock OF the company about $40, OOO, 600. The
second lot OF 1000 shares he will split up. This
stock was subscribed for yesterday.
the World has the whole story OF MI Fields re-
ureMent from good authority. 1t was reinforced.
he was carrying his monstrous load on margins.
He had borrowed money from nearly every trust
company IN the street on the stock as fast as re-
quired It IN order to buy more. He finally cor
tate OF his corner was, however, the fate OF very
f nearly an corners Disaster overlook 1t. After
sne collapse Of the coffee and wheat corners
the trust companies, banks, and other
money lenders grew distrustful, and began to call
Their Their loans The market began to shrink and Mr.
as he had no collateral on which to raise money.
on Thursday night he and his son Edward went to
M. Gould's house at Irvlngton. Mr.. Field told
Gould the position he was in. He could no longer
carry his load. Mr.. Gould was satisfied OF Mr..
Fields solvency II given relief from his elevated
stock burden, and agreed to take the amount Of
fered-50 600 shares-at the price 1t averaged Mr..
Field, which was about 12O. Mr.. Gould came to
New York the next morning to procure the money
and complete the transaction.
It turned out, however, that Mr.. Field was still
unable 70 extrtcate himself, and yesterday he
went to Mr. Gould and asked the lateer to take the
rest OF the stock. Mr.. Gould agreed to do so, and
earlier part Of the day Mr.. Fields face had lndi-
Gated great mental distress. After the deal with
Mr.. Gould was conSummated he was in most ex-
cellent spirits. The disposition OF the stock had
saved him from perhaps complete financial ruin.
Mr.. Field, despite his great loss In Manhattan is
stu wealthy man. HIS fortune is estimated at
5000, 600. He saves all mis- real estate, and the
United States Bank, in which he has the CONTROL
ing interest, Is relieved from any embarrassment
to which It might have been subjected. The
Washington Building, ON Battery Park, cost, s.,
1t. Mr.. Field has an extensive property ON the
Hudson, between DObb's Ferry and Irvington. He
has in addition the Mail and Express.
ton ia E1e aons Is now years BAR old He
leader In the financial world ana viii probably
retire from everything except the management OF
the personal interests which he retains. He has
always been proud Of the fact that his name Is
historical as promoter OF the Atlantic cable and
The OVERWHELMINGLY system Of New York
Russell Sage was asked last night the state
ment OF MIR. rtelds complete retirement from the
elevated Was correct, and he replied that it Was.
Mr. Field had disposed OF all his stock, stated,
TO MI. Gould. Mr.. sage did not care 10 name the
price OF the stock, as that was matter between
ar. Gould and Mr. Field 1t was ascertained that
Drexel, Morgan & Co., /. & s. WOrmser, T. w.
pearsan & co. and s. V. White CO. were among
for Mr.. Field. Mr.. Fields loss elevated stock,
1t Is estimated, will reach 81, 100000.